REP-CRIM

A reminder that a new financial crime data return (REP-CRIM) comes into force on 31 December 2016 – see Regulatory Roundup 75 and 78.

CFDs and Speculative Products and Appropriateness

Following on from PRIIPs (see previous article), ESMA has published an updated version of its Q&As (2016/1165) concerning the “provision of CFDs and other speculative products to retail investors under MiFID”.

PRIIPs: Are you ready?

Regulation 1286/2014 on the provision of key information documents for packaged retail and insurance-based investment products (PRIIPs) applies from 31 December 2016.

Brexit and its Implications

The votes have been counted and ‘Brexit’ has won the day. The UK electorate has voted 52% to 48% to leave the European Union (EU). What are the implications to financial services?

FSCS Levy 2016/17

Separate to Consultation Paper CP16/9 “FCA Regulated fees and levies: Rate proposals 2016/17” (see previous article) the Financial Services Compensation Scheme (“FSCS”) has announced its 2016/17 levy.
Although of most interest to those firms that conduct business with eligible claimants (see COMP 4.2), all firms remain liable for a share of the base cost levy.

Advising: FCA Register

As mentioned in Regulatory Roundup 74, firms that had the activity of ‘advising on investments’ under the ‘Permission’ section of their entry on the Financial Services Register as at 6 April will now find that they have the additional regulated activity of ‘advising on P2P agreements’ (you will probably find this new activity tucked away in the area just below the firm’s name rather than under ‘Permission’).

Inducements and Conflicts of Interest: Thematic Review

In January 2014 the FCA published Finalised Guidance FG14/01 “Supervising retail investment advice: inducements and conflicts of interest”. Although of general interest to all firms, the Guidance was particularly relevant to providers of, and firms providing advice on, retail investment products e.g. collective investment schemes, investment trusts etc.

Initial Public Offerings – IPO

A double IPO offering from the FCA with the publication of both a Discussion Paper (“Availability of information in the UK Equity IPO process” – DP16/3) and an Occasional Paper (“Quid pro quo? What factors influence IPO allocations to investors?” – OP/15).

Fund Management Firms: Thematic Review

The FCA has carried out a thematic review on UK fund management firms and has published its findings in TR16/3 – “Meeting investors’ expectations”.

UCITS Share Classes

ESMA has been turning its attention to UCITS share classes and has issued a Discussion Paper – 2016/570 – on the matter (it had published a shorter Discussion Paper – 2014/1577 - on the subject in December 2014).